FAQs

a) Filling in a membership application form and attaching copy of ID,

b) Payment of an entrance fees of Kes1,000,

c) Filling in a next of kin/beneficiary form,

d) Familiarisation with the Sacco by-laws,

e) Minimum savings contribution is Kes2,000,

Note: Members joining from another Sacco are treated as continuing members’ and can enjoy all the privileges as long as the other Sacco gives transfers their deposit to us.

Six months after an accumulation of Kshs12, 000 in deposit. Short term advances, however can be accessed in the first month of joining.

Yes. Your deposit is treated as the first charge/security plus a minimum of 3 guarantor’s depending on the size of the loan. The guarantors will be jointly and severally liable in the event the borrower defaults.

Yes. A member is entitled to all other loans so long they prove capacity to pay. However, long term loans can only be taken one at a time; i.e. for Ufanisi, Normal or Supa loans.

No. these are long term loan and you are required to have either of them at a time. But you are free to take the others so long as you adhere to 1/3 rule, and your three times deposits allow.

Yes. Dividends are as a result of interest earned/received from loans issued to members. Once they are declared by the board and approved by the AGM, they are distributed to all the persons who were members in good standing with the society as at the close of that financial year, i.e. their contribution and loans are up to date.

Guarantors are Sacco members who are in permanent employment. Non-permanent staff can guarantee but to the extent of their deposits.

A person can guarantee a maximum of seven loans subject to the loans held by the Guarantor.

Yes. We put you in a class of members we refer to as “Special members”. You will be required to adhere to the Sacco by-laws and regulations. You will keep your account with the Sacco active in regard to monthly share contribution and loan repayment. You will be entitled to same privileges as regular Sacco members within employment.

Payment can be by a monthly standing order, personal cheques and or direct deposit to the Sacco bank accounts.

Yes. If your savings are more than loans held and you have not committed.

FOSA is an acronym for Front Office Services Activity. It’s a department within the Sacco that offers basic banking services similar to those offered by commercial banks.

All SACCO members are encouraged to open an account with FOSA because most member transactions like loan and dividend payments are done through the FOSA accounts.

Loans recovered through the payslip are subject to 1/3rule limit. However, you can access more credit facilities from FOSA if your salary is paid through FOSA.

This is the payment of member’s net pay/salary through the FOSA account. Your employer will remit your net pay into our account which you will access directly from your FOSA account.

VISA cards enables FOSA account holders to access cash in their account at any time and from any visa branded outlets. They can also be used for shopping and payment of utility bills at all VISA compliant points.

We are a deposit taking Sacco that is regulated by the Sacco Societies Regulatory Authority (SASRA) which closely monitors the financial operations of Sacco’s. It ensures the member’s funds are safe.